Looks like Mt. Gox is dead...

[halik]

Whyyyyyyyyyyyyyyyyy would you keep your life savings on a website? Store them on your computer (and back them up), and only transfer them to an exchange when you need them. I really don't understand the thought process behind keeping everything you have on at best, a shady website.

Why would you keep your life savings denominated in something that has no legal protection, low liquidity and annualized standard deviation of 140%?

 

[Ns1]

Why would you keep your life savings denominated in something that has no legal protection, low liquidity and annualized standard deviation of 140%?

Because I got high, because I got high, because I got high....

 

[Imp]

Whyyyyyyyyyyyyyyyyy would you keep your life savings on a website? Store them on your computer (and back them up), and only transfer them to an exchange when you need them. I really don't understand the thought process behind keeping everything you have on at best, a shady website.

Here's my theory: people thought, and still continue to think, that Bitcoin exchanges are like banks. And they probably also think Bitcoins are legitimate currency and similar to stocks -- because you can lose all your money in stocks, yo.

Quite a few people I've met didn't understand financial products outside of savings accounts and term deposits. I'm guessing they also didn't understand bank regulations and how national laws probably don't apply to companies based in foreign countries...

 

[Mandres]

It's not a "valuable" commodity. It utterly relied on the Greater Fool theory. It is as valuable of a commodity as tulip bulbs, etoys.com, or gold. It has nothing backing it, it can't really be used for anything, and it has no intrinsic value. Sure, the USD doesn't have a lot of that either, but the USD is backed by the world's largest economy, military, democracy, IP portfolio...etc.

On the other hand you have a bunch of computer geeks who think they are pretty smart.

Personally, I don't give a fuck. I think this is a perfect example of how libertopian principles utterly fail.

Go to Mt. Gox and try to enforce your "personal property rights", as libertopians are so fond of bandying about.

Go ahead, see how far you get.

This is why Bitcoin will be an utter failure.

Why do people keep saying that Bitcoins have no intrinsic value? Their value is derived from their ability to facilitate convenient anonymous online transactions. That's real.
They've obviously been morphed into some crazy pump and dump vehicle now but to say there is no intrinsic value is incorrect.

 

[BoberFett]

Personally, I don't give a fuck. I think this is a perfect example of how libertopian principles utterly fail.

Go to Mt. Gox and try to enforce your "personal property rights", as libertopians are so fond of bandying about.

While you're right about bitcoin, how can you turn this into one of your idiotic cookie-cutter libertopian rants? There's zero connection here.

 

[BoberFett]

If virtual, non-governmental currencies are to work, they have to be supported by something. Either by a corporation like Google or Amazon, or a bank.

All currencies are supported by the economies that use them for trade. Exchange of goods and services. If the US didn't produce anything, the USD would be worthless no matter how big or army was. People have to want your currency ultimately for what they buy with it.

Bitcoin was rarely talked about as a way to buy things. Anytime I saw people talking about Bitcoin, they weren't talking about the things they'd spend it on. They'd talk about how much it was worth in a currency that people actually wanted, USD. If there was subset of society that actually produced desired goods and services, being able to buy food, clothing, and other things with bitcoin and relatively stable pricing, that's all that's required to make it a viable currency. But it had none of that.

 

[jagec]

Why do people keep saying that Bitcoins have no intrinsic value? Their value is derived from their ability to facilitate convenient anonymous online transactions. That's real.
They've obviously been morphed into some crazy pump and dump vehicle now but to say there is no intrinsic value is incorrect.

So, Bitcoins are backed by drug deals and contract killings. Yeah, that makes me even more likely to invest.

If you want financial security AND anonymity, you go to Switzerland. They've been at it for years, and their currency is real. And can be easily exchanged for goods and services.

 

[ultimatebob]

Why do people keep saying that Bitcoins have no intrinsic value? Their value is derived from their ability to facilitate convenient anonymous online transactions. That's real.
They've obviously been morphed into some crazy pump and dump vehicle now but to say there is no intrinsic value is incorrect.

If the Silk Road raids show anything, it's that Bitcoin transactions aren't really anonymous.

 

[IronWing]

So, Bitcoins are backed by drug deals and contract killings. Yeah, that makes me even more likely to invest.

Works for the dollar.

 

[Kadarin]

This situation reminds me a lot of the impressive EVE Online banking scams.

 

[Newbian]

oh god YES

maybe the retail price will come back down to reality as well

If people are paying at the inflated prices you honestly think they would lower the prices? :biggrin:

 

[jagec]

Works for the dollar.

The dollar is used for a much more diverse array of ethically questionable practices.

 

[IronWing]

The dollar is used for a much more diverse array of ethically questionable practices.

"...but most of it gets spent on pornography, sugar water, and bombs." - Anathem

 

[Theb]

It's crazy that you can't trust a former Magic card trading site with your life savings.

 

[Puppies04]

And the mass sell off of AMD 290X cards begins in 5..4..3..2...

I didn't think it was worthwhile mining on GPU's anymore. At least not for bitcoins.

 

[Fanatical Meat]

This situation reminds me a lot of the impressive EVE Online banking scams.

^^This^^

 

[Fanatical Meat]

It's crazy that you can't trust a former Magic card trading card site with your life savings.

edit: plus who would have ever thought investing in an non state backed currency, that was quite possibly created by a criminal who remains anonymous, that is definitely used in criminal transactions on a former card trading site could be risky?

 

[jagec]

edit: plus who would have ever thought investing in an non state backed currency, that was quite possibly created by a criminal who remains anonymous, that is definitely used in criminal transactions on a former card trading site could be risky?

"But the numbers keep going up! I'm going to be a millionaire when I finally sell!"

 

[Reptilians]

I'm finding the continued support of bitcoin by the zealots extremely pathetic and scary in a way. They really are like the MLM freaks.

I guess when people like you were belittling people for buying in 2-3 years ago you probably have to keep up your shtick so you don't kill yourself thinking about the money you could have made if you weren't too busy talking like a 5 year old on an internet message board.

Look at the USD... Look at the countries credit rating.

Printing money out of thin air to pay for debts is even sillier than using an online currency.

 

[Ns1]

I guess when people like you were belittling people for buying in 2-3 years ago you probably have to keep up your shtick so you don't kill yourself thinking about the money you could have made if you weren't too busy talking like a 5 year old on an internet message board.

Look at the USD... Look at the countries credit rating.

Printing money out of thin air to pay for debts is even sillier than using an online currency.

lol

 

[halik]

I guess when people like you were belittling people for buying in 2-3 years ago you probably have to keep up your shtick so you don't kill yourself thinking about the money you could have made if you weren't too busy talking like a 5 year old on an internet message board.

Look at the USD... Look at the countries credit rating.

Printing money out of thin air to pay for debts is even sillier than using an online currency.

 

[Ns1]

wow...that pic...

 

[mizzou]

https://crypto-trade.com/maintenance



crypto trade been down for several days now after being hacked. hahhahah

 

[ImpulsE69]

I guess when people like you were belittling people for buying in 2-3 years ago you probably have to keep up your shtick so you don't kill yourself thinking about the money you could have made if you weren't too busy talking like a 5 year old on an internet message board.

Look at the USD... Look at the countries credit rating.

Printing money out of thin air to pay for debts is even sillier than using an online currency.

So if you are so rich, why are you perusing a tech forum about bitcoin? I'd think you'd be off touring the world not talking to us lowly naysayers.

 

[Mandres]

If the Silk Road raids show anything, it's that Bitcoin transactions aren't really anonymous.

Nobody I know went to jail. Trading with BTC can be completely anonymous if the right steps are taken. The tricky part is acquiring them in the first place or converting them back to cash without going through a broker that records your personal/IP info. But it can be done, and that fact gives BTC some intrinsic value. It's incorrect to assert that it has none.